When you’re fighting a lost cause, no news can be good news. Which is why a media-distracting scandal involving Swedish Social Democrat Party leader Hakan Juholt has been one of the best things to happen to Saab since… the late 1980s or so. But here at TTAC, we’re always ready to remind our Swedish friends of the futility of human endeavor… a trait they apparently appreciate (see above). And what little news there is coming out of Sweden is bad.
Yes, Youngman has provided more information to the Swedish National Debt Office, which must approve the proposed Youngman and PangDa ownership stakes. But the NDO still doesn’t sound optimistic, as a spokesperson tells automotorsport.se:
“As it looks in the current situation, we have received the additional information we have requested, but we may request additional information.”
Meanwhile, the NDO is still waiting on information from PangDa. But then, Saab’s restructuring requires approval from both the NDO and China’s NRDC… and at last report, the NRDC still hadn’t received Youngman’s application. And even with Youngman’s recent cash injection, which will pay Saab’s employee salaries this month, a creditor’s meeting is scheduled for the last day of October, or Halloween. If either the NDO or NRDC are still waiting on information at that point, Saab’s restructuring will likely be deemed to have failed and the company will be placed into bankruptcy. And even if all of Saab’s ducks are in a row come the end of the month and the Youngman/PangDa money comes rolling in, it could be months before suppliers are ready to tool back up to re-start production.
Meanwhile, another symbolic nail was hammered into Saab’s coffin this week, as automotorsport.se reports the Swedish police passed on a batch of its long-favored 9-5 SportCombis, and bought 50 VW Passat wagons instead. With Volvo in Chinese hands and Saab mired in entropy, even the Swedish government is making the transition most consumers made decades ago: out with the Saabs and Volvos, in with the German alternatives. Just another reminder of futility of human (well, Swedish) endeavor.